The company has conducted a conference call on 7th November 2014 to discuss the financial performance for the Q3CY14 and way forward. Mr. Jamshed Naval Cooper –CEO & Managing Director and Mr. Anil Sharma –Chief Financial Officer of the Company, addressed the conference call.

• On like for like* basis (like for like* excludes impact of Raigad Plant which was sold on January 3, 2014.), the Company revenue was up by 53% YoY in Q3CY14. Sales volume increased by 47% to 1040 KT. EBITDA increased by 734%. EBITDA margin increased 1150 bps.

On published results basis-

• Total income from operation (includes other operating income of Rs 6.18 crore) of the Company increased 36% YoY to Rs 406.13 crore, due to rise in sales volume and gross realization. Sales volume increased by 32% to record high 1040 KT. Gross realisation went up 3.8% to Rs 3845 per tonne

• OPM increased by 990 bps to 13.9% due to decline in operating expenses (particularly raw material cost, employee cost and freight cost). As a result, Operating Profit (EBITDA) inclined 370% to Rs 56.39 crore. EBITDA margin (% of net sales) increased from 4.1% in Q3CY13 to 14.1% in Q3CY14. EBITDA per tonne increased from Rs 152 per tonne in Q3CY13 to Rs 542 per tonne in Q3CY14, increase of 256%.

• Bottom-line of the Company saw a turnaround from net loss of Rs 28.35 crore last year to profit (PAT) of Rs 1.56 crore in Q3CY14, thanks to better operational performance – better prices and lower costs.

• On per tonne analysis, Gross realisation went up 3.8% to Rs 3845 per tonne but freight expenses was down 2.3% to Rs 511 per tonne, as a result, net realisation rose 4.8% to Rs 3333 per tonne. Other operating income declined by 36.2% to Rs 59 per tonne. Total cost was down 8.7% to Rs 2850 per tonne driven by savings in raw material costs, power and fuel costs and other fixed costs. EBITDA was higher by 256% to Rs 542 per tonne

• The Company extends the financial year of the Company by three months i.e., up to 31 March 2015. Thus the current financial year of the Company will be of 15 months from 01 January 2014 to 31 March 2015.

• The Company has commenced setting up 13 MW Waste Heat Recovery Plant at a capex of around Rs 1700 million and expects it to be operational by the end of 2015.

• Gross debt stands at Rs 11.8 billion. The Company expects debt repayment to commence from CY16 onwards.

• The Company is looking for inorganic growth opportunities and will fund those acquisitions largely through debt.

• The Company Central market witnessed a growth of around 6% growth in 9MCY14 and expects to maintain this momentum.